Business
Latin American Minerals Announces Private Placement of Special Warrants
Toronto, Ontario--(Newsfile Corp. - July 24, 2020) -  Latin American Minerals Inc. (TSXV...
About this update from Sterling Metals Corp.
[{"type":"text","content":"Latin American Minerals Announces Private Placement of Special WarrantsToronto, Ontario--(Newsfile Corp. - July 24, 2020) -  Latin American Minerals Inc. (TSXV: LAT) (the \"Company\") is pleased to announce a non-brokered private placement (the \"Offering\") of up to 125,000,000 special warrants (the \"Special Warrants\") at a price of $0.01 per Special Warrant (the \"Purchase Price\") for gross proceeds of up to $1,250,000 (the \"Offering\"). In connection with the Offering the Company intends to complete a consolidation (the \"Consolidation\") of its common shares (Each, a \"Common Share\") on the basis of one post-Consolidation Common Shares for each ten pre-Consolidation Commons Shares. Following the Consolidation, each Special Warrant is exchangeable, for no additional consideration, into one unit of the Company (each a \"Unit\"). Each Unit will be comprised of one Common Share and one Common Share purchase warrant of the Company (each, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share for a period of twelve (12) months after the closing date of the Offering at a price of $0.10 per Common Share.The Special Warrants shall be automatically exchanged for Common Shares upon satisfaction of the following conditions (collectively the \"Exercise Conditions\"):the completion of the Consolidation;receipt of approval of the TSX Venture Exchange (the \"TSXV\") for the Offering and the Consolidation; andreceipt of all regulatory and shareholder approvals required for the Offering and the Consolidation.The Consolidation must be approved by not less than two-thirds of the votes cast by the shareholders at the next meeting of the shareholders of the Company to be held on September 8, 2020. The Company shall use its reasonable best efforts to satisfy the Exercise Conditions. In the event that the Exercise Conditions are not satisfied on the date that is six months after the closing date of the Offering, the Special Warrants shall be redeemed at the Purchase Price for the Special Warrants. It is expected that the closing of the Offering will occur on or before August 12, 2020.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities A...